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Open Banking Market to Grow by USD 57.66 Billion (2024-2028) as Demand for Fast Seamless Payments Rises, AI-Driven Market Evolution Report – Technavio

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NEW YORK, Oct. 31, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global open banking market size is estimated to grow by USD 57.66 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  27.2%  during the forecast period. Increased demand for fast and seamless payments is driving market growth, with a trend towards integration of AI into open banking services. However, implementation of strict guidelines in handling personal financial data  poses a challenge.Key market players include Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Service (Banking and capital markets, Payments, and Digital currencies), Deployment (On premise and Cloud), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Airwallex, American Express Co., Australia and New Zealand Banking Group Ltd, Banco Bilbao Vizcaya Argentaria SA, Bank of Ireland, Caixa Geral de Depósitos SA, Citigroup Inc., Credit Agricole SA, Finastra, HSBC Holdings Plc, ING Groep NV, Jack Henry and Associates Inc, Mambu BV, Nationwide Mutual Insurance Co., NCR Voyix Corp., Qwist GmbH, Revolut Ltd., Royal Bank of Scotland plc, Societe Generale SA, and Wise Payments Ltd.

Key Market Trends Fueling Growth

The open banking market is undergoing a major shift with the incorporation of artificial intelligence (AI) into its offerings. This trend is fueled by the demand for improved user experiences and sophisticated financial management tools. In June 2024, neobank bunq, Europe’s second-largest with 12.5 million users, partnered with Mastercard. This collaboration utilizes Mastercard’s open banking platform, enabling users to consolidate accounts from multiple banks into the bunq app. By integrating AI, bunq’s advanced money assistant, Finn, enhances these insights with transaction data from various sources. For instance, users can request a comprehensive summary of their travel expenses over the past year, and Finn will gather this information from both bunq and external accounts. In February 2024, Bud Financial (Bud) and Fintech Galaxy formed a strategic alliance to strengthen the open banking ecosystem. This partnership combines Bud’s data intelligence capabilities with Fintech Galaxy’s open Finance FINX Platform, employing AI-driven data enrichment techniques. This integration empowers financial institutions to deliver personalized financial experiences by offering in-depth insights into customer behavior and financial requirements. Both parties share a common goal to maximize the potential of open banking and data intelligence, fostering innovation and customer-focused solutions within the financial sector. The integration of AI in open banking is set to disrupt the industry by providing more customized, efficient, and insightful financial services. As more institutions adopt these technologies, the global open banking market is anticipated to experience heightened competition and innovation throughout the forecast period, ultimately benefiting consumers with more targeted and intelligent financial solutions. 

Open banking is revolutionizing the payment ecosystem by enabling secure access to financial data through APIs. Broadband connectivity and advanced technologies like AI and machine learning power big data analytics, enhancing personalized financial services. This trend is transforming traditional banking by providing real-time data for informed decisions and customer-centric services. E-commerce and venture capital are driving the adoption of open banking solutions. Security is paramount, with open API frameworks and security measures protecting sensitive customer data from online fraud. Open banking platforms offer innovative financial services, including insurance products and automated savings. Banks and financial institutions collaborate with third-party service providers to offer on-premise and cloud-based financial management tools. Open banking APIs facilitate seamless payment initiation and account information solutions, enhancing customer retention. Mobile banking benefits from these advancements, offering convenient and secure transactions. Despite these advantages, data security remains a concern. Open banking solutions must prioritize security measures to ensure trust and compliance with regulatory requirements. Retail and commercial banks are embracing open banking to stay competitive and meet evolving customer expectations. 

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Market Challenges

The global open banking market is confronting a major hurdle in implementing stringent guidelines for managing personal financial data. This challenge is accentuated by recent regulatory advancements geared towards ensuring data security and adherence. In September 2024, the Financial Data Exchange (FDX) petitioned the Consumer Financial Protection Bureau (CFPB) for recognition as an authorized standard-setting organization for financial firms offering open banking services. This recognition would bolster the credibility and influence of FDX’s standards, offering a benchmark for the industry. The CFPB has finalized a rule detailing the qualifications necessary for an organization to secure recognition as a standard-setting body. This rule is part of the broader Personal Financial Data Rights Rule, which aims to safeguard consumer financial data. The new rule stipulates the attributes that standard setters must adhere to for CFPB recognition, including transparency, inclusiveness, and the capacity to create consensus standards that can be widely adopted by the industry. Compliance with these guidelines poses significant challenges for financial institutions. First, meeting the new standards necessitates substantial investment in technology and processes. Financial institutions must modernize their systems to satisfy the rigorous data protection specifications, an undertaking that can be both time-consuming and expensive. Furthermore, the necessity for consensus among various stakeholders can slow down the standard-setting process, potentially delaying the implementation of new guidelines. Despite these challenges, the implementation of strict guidelines for handling personal financial data is crucial for the global open banking market. These guidelines are essential for safeguarding consumer data and fostering trust, but they also necessitate considerable effort and resources from financial institutions to achieve compliance.Open Banking is revolutionizing the financial industry by enabling banks and financial institutions to share customer data with third-party service providers through APIs. This trend is driving the development of personalized financial services, real-time data, and innovative solutions. However, challenges persist. Banks must choose between on-premise and cloud-based Open Banking platforms, ensuring customer-centric services, and maintaining security measures for sensitive customer data. Retail and commercial banks are embracing Open Banking Solutions for improved customer retention and digital transformation. Open Banking APIs facilitate the exchange of financial data, enabling informed financial decisions and the integration of insurance products. With the rise of mobile banking and payment initiation solutions, API management, identity verification, and authentication solutions are essential. Data sharing and data analytics are key to unlocking the full potential of Open Banking. Security measures remain a top priority to protect financial institutions and their customers.

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Segment Overview 

This open banking market report extensively covers market segmentation by

Service 1.1 Banking and capital markets1.2 Payments1.3 Digital currenciesDeployment 2.1 On premise2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Banking and capital markets-  Open Banking is a financial system that enables customers to securely share their financial data with third-party providers. This system allows for more efficient and convenient financial management. Banks provide access to customers’ account information through Application Programming Interfaces (APIs), enabling seamless data exchange. This innovation benefits consumers by offering personalized financial services and improved financial management tools. Additionally, it fosters competition among financial institutions and fintech companies, driving innovation and better services for customers.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

Open banking is revolutionizing the payment ecosystem by enabling customers to share their financial data with third-party service providers through APIs. This innovative approach is transforming the way we manage our money and access financial services. With broadband connectivity becoming more widespread, open banking is making personalized financial services more accessible than ever before. Artificial intelligence and machine learning are key technologies driving the open banking revolution. They enable real-time data analysis, informed financial decisions, and automated savings. Big data analytics is used to identify trends and patterns in financial data, leading to the development of new insurance products and customer-centric services. Security is a top priority in open banking. Advanced encryption and multi-factor authentication are used to protect sensitive customer data from online fraud. Venture capital is pouring into the open banking market, fueling the development of new and innovative financial services. Banks and financial institutions are embracing open banking solutions to improve customer retention and stay competitive. Open Banking APIs provide access to real-time data, enabling e-commerce transactions and mobile banking services. Overall, open banking is transforming the financial industry, offering a more efficient, personalized, and secure way to manage money.

Market Research Overview

Open banking is a payment ecosystem that leverages Open API Frameworks to enable third-party service providers to access financial data from banks and financial institutions in real-time. This revolutionary approach to financial services is driven by broadband connectivity, artificial intelligence (AI), and machine learning, enabling personalized financial services, informed financial decisions, and customer-centric solutions. Open banking goes beyond traditional banking by offering innovative financial services, including payment initiation, account information, and API management solutions. E-commerce and venture capital industries benefit from open banking by streamlining transactions and enhancing customer experience. However, open banking also presents challenges such as online fraud and data security. Financial institutions must implement security measures to protect sensitive customer data. Open banking platforms offer identity verification and authentication solutions to mitigate risks. Open banking solutions encompass financial management tools, insurance products, and real-time data analytics. Cloud-based and on-premise solutions offer flexibility and scalability. Open Banking APIs provide access to financial data, enabling automated savings, mobile banking, and digital transformation. Open banking’s data-sharing capabilities enable financial institutions to offer more informed financial decisions and innovative services, enhancing customer retention and satisfaction. Security measures are essential to ensure trust and confidence in the open banking ecosystem. Retail and commercial banks, as well as financial institutions, are embracing open banking to stay competitive and meet evolving customer needs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ServiceBanking And Capital MarketsPaymentsDigital CurrenciesDeploymentOn PremiseCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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OUC celebrates 100 years of excellence

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BEIJING, Nov. 1, 2024 /PRNewswire/ — This is a report from China Daily: On Oct. 25, Ocean University of China (OUC), located in Qingdao, Shandong Province, celebrated its centenary.

OUC, formerly named Private Qingdao University, was established in 1924, as the first modern institution of higher education founded by the Chinese in Shandong Province. Its name changed to OUC in 2002. Since its inception, the university has adhered to the aim of imparting profound knowledge and cultivating learned talent to meet the needs of the country. Over the years, it has evolved into a comprehensive institution, specializing in marine and aquaculture studies. 

OUC is included in China’s “Double World-Class” initiative, which aims to elevate a select group of Chinese universities and their programs to a world-class standard. With distinctive strengths in marine science and fisheries, it is taking the lead in the world in these two areas. According to the US News 2024, it is No. 1 globally in marine and freshwater biology, the Web of Science states that it is the world’s most cited university in the field of fisheries, while the ShanghaiRanking’s Global Ranking of Academic Subjects 2023, lists it is No. 1 worldwide in oceanography.

OUC aims to become a world-class comprehensive ocean university by 2030 and to establish itself as a top-tier university in the world with its own distinctive strengths by the middle of this century.

OUC has set its sights on developing top-notch professionals for the country’s marine industry, with the goal of becoming a global hub for marine talent. Over the past century, the university has graduated more than 360,000 exceptional individuals across a range of fields, particularly in marine and aquaculture sectors. Notably, 16 of its alumni have become academicians of the Chinese Academy of Sciences and the Chinese Academy of Engineering, while four have served as directors of the State Oceanic Administration.

More than a third of the country’s PhD holders in marine and aquaculture fields graduated from OUC, and over half of the 75 scientists who participated in China’s first Antarctic expedition are proud OUC graduates.

Currently, OUC has four campuses with a total of 35,400+ students. The university has developed a comprehensive system dedicated to marine studies that showcases unique Chinese characteristics. It fosters integration, mutual support, and collaboration across various fields, including marine science and technology, life sciences, engineering, humanities, social sciences, and foundational disciplines.

OUC boasts more than 40 important research centers and platforms, and it has initiated and participated in major international scientific projects. It led the establishment of the International Alliance of Marine Related Institutions and China-Norway Marine University Consortium Alliance, and hosts the CLIVAR Project Office. It is spearheading the implementation of major international marine observation programs and it has successfully secured the right to host the OceanObs’ 29. OUC owns three research vessels, represented by Dong Fang Hong 3, a 5,600 DWT comprehensive research vessel with a Silent-R certificate, forming a mobile laboratory system that covers the nearshore, offshore, deep waters, high seas, and polar regions, with first-tier observation capacity. 

The university has proposed and implemented strategic initiatives, including the “Transparent Ocean”, “Blue Granary”, “Blue Drug Storage”, and “Blue Seeds”, and formed major innovation platforms such as national laboratories in marine-related fields.

Dedicated to global engagement, the university works closely with more than 300 partner institutions across over 50 countries and regions to create global platforms for cooperation and innovation in ocean research and education.

 

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SOURCE China Daily

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D-Link Recognized as Cloud Wireless Networking Provider of the Year at Cloud Connect Conference and Awards 2024

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DUBAI, UAE, Nov. 1, 2024 /PRNewswire/ — D-Link, a global leader in networking solutions, proudly announces that it has been recognised as Cloud Wireless Networking Provider of the Year at the Cloud Connect Conference and Awards 2024. This award stands as a testament to the company’s steadfast commitment to empowering businesses to evolve for the modern digital world.

As organizations increasingly adopt cloud-first strategies, D-Link provides innovative, flexible, and scalable solutions. The shift to the cloud, driven by the pandemic, has enabled companies to leverage powerful functionalities for greater efficiency and agility along with revolutionary 5G/LTE technology. D-Link’s D-ECS Cloud platform exemplifies this innovation, offering seamless integration and high-performance networking solutions for mobile edge devices to streamline operations, increase productivity, and improve profitability.

D-Link emphasizes ease of use, seamless integration, and high-performance networking solutions, making it ahead of the competition. This award reflects D-Link’s dedication to exceptional customer care and ongoing innovation, which has earned the trust of organizations throughout their digital transformation journeys.

For more information, please visit www.dlink.com or contact local D-Link representative.

About D-Link

D-Link, a renowned global brand and leader in the networking industry, was established in 1987 in Taiwan. With operations in 90 locations across 43 countries, D-Link provides networking solutions for individuals, homes, businesses, and industries, including a comprehensive range of industry-leading network solutions and AI-driven cloud management services. Find out more about D-Link at www.dlink.com

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SOURCE D-Link Corporation

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Planet Classroom Launches Visionary November Film Slate: Exploring AI, Cultural Connection, and Global Community Empowerment

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AI innovation, cultural immersion, and resilience through community action take center stage.

NEW YORK  , Nov. 1, 2024 /PRNewswire-PRWeb/ — The Planet Classroom Network is proud to announce its November 2024 film releases, featuring a dynamic array of content that highlights the transformative potential of AI, cultural storytelling, and global community empowerment. Curated for young people by young people, these films offer powerful insights into today’s most pressing issues while showcasing the beauty of human creativity and connection.

November Highlights:

Highlights Take 2: Nick Bostrom Envisions Our AI Future:

In Highlights Take 2, an original Planet Classroom production, renowned philosopher Nick Bostrom discusses AI’s transformative effect on jobs, essential skills for the future, and ethical considerations in building a healthier society. Gain actionable insights in this audiovisual podcast about how AI is reshaping industries, addressing critical risks, and what’s needed to prepare humanity for a rapidly evolving AI-driven world.

Cultural Immersion through Music and Nature:

Noon Concert: Wherever the Road May Lead offers an innovative musical experience that blends the beauty of nature with art. Featuring performances by soprano Jardena Gertler-Jaffe and other world-class musicians, this walking recital is designed for audiences to enjoy while exploring the Hudson Valley. The film curated by Bard Conservatory creates a unique connection between the audience, nature, and music.

Navigating Cultural Identities in Parenthood:

In The Name, directed by Aaron Strand, audiences follow the emotional journey of a couple grappling with cultural expectations as they choose a name for their child. This poignant short film explores the complexities of merging traditions and identities within family life, offering a touching glimpse into the challenges new parents face.

Clean Water and Community Resilience:

Un Futuro Vivo, directed by Natalie Sipes, tells the inspiring story of Adriana, who leads efforts to provide clean drinking water to her rural Costa Rican community. The film showcases how communities can unite to solve essential human needs, highlighting the power of collective action and resilience in creating sustainable futures.

Celebrating Dance and Cultural Unity:

Directed by Ying Chu, Sisters: We Are Family follows The Chung Wah Dance Group, whose dancers come from Hong Kong, Malaysia, Taiwan, Vietnam, South Africa, and Mauritius. Through interviews and performances, the documentary illustrates how dance serves as a unifying force across cultures, fostering community and cultural exchange.

Empowering Youth through Dance in Vietnam:

Vietnam Dancing to Connect 2022, directed by Ly Tran Tuan Thanh, highlights the Dancing to Connect program, a collaboration between New York’s Battery Dance and Vietnam’s Arabesque. The documentary captures the emotional and cultural impact of the program, which breaks down barriers and empowers participants through the art of dance.

Love and Loss in a Heartwarming Short Film:

Giulia e il Capoposto, directed by Antonio Maria Castaldo, tells the touching story of a young girl who sends a letter to her late father with the help of a kind fire chief. The film emphasizes the importance of human kindness, connection, and hope during times of loss, delivering a deeply emotional narrative.

AI’s Role in the Future of Education:

Produced by Sadie Judd, Sal Khan and the Future of Learning follows the journey of Sal Khan from founding Khan Academy to introducing Khanmigo, an AI-powered tutor. This film highlights how AI is revolutionizing education by providing personalized learning experiences, enhancing access to quality education, and empowering learners worldwide.

“At Planet Classroom, we focus on empowering young people through diverse, creative content which is the key to building a more inclusive and innovative future,” says C.M. (Cathy) Rubin, Co-Founder and CEO of Planet Classroom. “The films we showcase this November, curated and created by youth, highlight the importance of youth-centered learning, where critical thinking, cultural understanding, and the essential skills needed for the fourth industrial revolution—like creativity, collaboration, and adaptability—take center stage. By connecting young audiences with global stories and perspectives, we aim to inspire a new generation of changemakers equipped to thrive in a rapidly evolving world.”

Visit Planet Classroom Network

About Planet Classroom Network:

Planet Classroom Network, organized by CMRubinWorld, connects young people to cultural experiences from around the world. Showcasing the work of musicians, filmmakers, dancers, artists, and technologists, the network offers curated content designed to educate, entertain, and inspire. With over 650 films and partnerships with 30 global cultural organizations, the network continues to serve as a leading platform for youth-centered creative and educational programming.

For more information, visit Planet Classroom or follow @CMRubinWorld on social media.

Media Contact

David Wine, CMRubinWorld, +1 (212) 439-8474, david@cmrubinworld.com, https://www.cmrubinworld.com/

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